Don’t miss the potential of your database
Updated: Nov 14, 2018
Grow revenue and build awareness; these are two of the core aims of property developers. To achieve these goals, some developers only focus on acquiring new clients. They are striving for that and are using a lot of their resources in the process but sometimes they forget that their existing customers and prospects are their best source of future revenue. If someone has been interested in your product/services once and has been satisfied, this person will buy again from you and will be the best advocate for your brand. Engaging your database, building trust, showing your customers that they are privileged, and have more advantages than new customers, is one of the most concrete ways to increase revenue.
Know your database
New customers, old customers, leads, qualified contacts… Who is your database actually made of? What information do you have about them?
You need to answer these questions before building a strategy. You might have a very diverse database made with cold and warm contacts but be aware that every single contact is an opportunity. The minimum information you should request is their full name and a valid email address, but the more information you have, the more qualified your leads will be. Depending on your target and your capacity (internal or external), different details will be relevant (phone number, state, history of purchases, preferred location, investor/owner-occupier, etc).
Organise your database
Once you know your database, you need to segment it, so you can adapt the content of your communication. Segment your database between existing customers, prospects (someone who showed interest in your company or specific development) and suspect (someone that you suspect could be interested but you haven’t had any interaction with yet).
There are different ways to maintain a database and the simplest way is to use a spreadsheet, with columns for first name, last name, email, address, etc. However, this will give you really limited functionalities, so it would be relevant only for a very small database. The most efficient way to maintain a database and launch email marketing campaigns and phone campaigns, is to use a CRM. You will be able to add custom fields for segmentation, record any interactions you have with your prospects/customers and combine it with an email marketing system.
Find the right strategy to engage
Now it is time to set the right strategy to engage your prospects/customers. What are your goals (short, medium and long term)? What is the most appropriate type of communication according to your industry and your audience? Defining this will help you choose the most relevant marketing tool(s).
Here are the 3 main tools:
Newsletter: used to keep your brand front of mind for your customers. A monthly newsletter is recommended to engage your prospects/customers about all sort of topics related to your industry and company. It’s one of the best way to increase awareness, build advocacy and build relationships with your customers and prospects.
Email marketing: used to drive conversion over the short term by promoting a new development or a special offer. You can send detailed information about an upcoming project, or an invitation to an exclusive event. The aim is to make your contacts feel privileged to be in your database.
If your database is segmented, you can send different emails to different groups or even personalise the content if you use advanced emailing software. This will help make sure that the right people are receiving the right message and staying engaged.
Telemarketing: used to communicate directly to your customers/prospects, collect details, share information, drive sales, progress from sale to settlement.
Plan and measure your actions
It is crucial to optimise your actions by planning them. Schedule the sends of your email campaigns, respect the frequency of your newsletters and get the agents to call your prospects/customers at the most appropriate time.
In order to analyse the impact of your actions, you need to track the results of your campaigns. What is the open rate of your email campaigns? How much revenue did you generate from your sales calls and marketing emails? A daily, weekly and monthly report will help define that, so you can modify the content and adjust your process if needed.
You also must keep your database up-to-date, by removing bounced emails and unsubscribes.
Your database has more potential than you think and using the most appropriate strategy and methods will have a drastic positive impact on your business.
Depending on your marketing resources, you might consider working with a specialised agency that will help you build the strategy, design and create the content, and provide telemarketing services and campaign reporting.
Building trust and awareness can take time but making it a focus will assure the long-term growth of your company.
Remember that the potential of your database is unlimited, as it can constantly grow.
To find out more about how we can help you realise the potential of your database, get in touch.
This article originally appeared on www.sierramarketing.com.au
Business Development Manager
With a background in creating and building solid business relationships, Jones has a passion for strategic communications. As Business Development Manager, Jones has created comprehensive business development and marketing programs with an emphasis on content and digital strategy.